BlackRock’s Recent Bitcoin Purchase
In the past few days, the overall cryptocurrency market has shown a significant recovery. Amid this market rebound, asset management giant BlackRock has been actively increasing its Bitcoin (BTC) holdings. On September 28, 2024, BlackRock purchased a notable 1,684 BTC, valued at approximately $110.7 million, as reported by the on-chain analytics firm Lookonchain.
Beyond this recent acquisition, BlackRock has amassed a total of 7,578 BTC worth nearly $497.6 million within just four days. This aggressive accumulation highlights Bitcoin’s potential and its promising growth prospects in the near future. With these strategic purchases, BlackRock now holds an impressive total of 365,310 BTC, equivalent to $24.04 billion.
Bitcoin Current Price Momentum
Despite the substantial buying activity from BlackRock, Bitcoin’s price has remained relatively stable over the past 24 hours. Currently, BTC is trading near $65,760, having experienced a minor price change of -0.15% during this period. Additionally, Bitcoin’s trading volume has declined by 52.93%, suggesting lower participation from investors and traders.
This lack of active participation might be attributed to apprehensions within the crypto community about a potential price crash. However, BlackRock’s significant BTC purchase might signal an ideal buying opportunity for other investors looking to capitalize on the current market conditions.
Bitcoin Technical Analysis and Upcoming Levels
Expert technical analysis indicates that Bitcoin appears bullish following the recent breakout above a crucial resistance level of $65,000. Currently, BTC is trading above the 200 Exponential Moving Average (EMA) on a daily timeframe, suggesting a continued uptrend.
Based on historical price trends, there is a strong possibility that Bitcoin’s price could soon reach the $68,000 level. Should the market sentiment remain positive and if large investors (whales) continue to increase their BTC holdings, it is highly likely that Bitcoin will surpass its all-time high.
Meanwhile, other major cryptocurrencies such as Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have also shown little movement. This market stability could either indicate a potential price correction or a phase of accumulation, paving the way for future price movements.
